29 Aug 2011

Assurances for investors as PNG contemplates changing resource law

4:34 pm on 29 August 2011

The Managing Director of Papua New Guinea's Investment Promotion Authority has reassured foreign companies and developers that the country is a good place to invest in.

Ivan Pomaleu's comment comes as the new government considers handing ownership of resources below the ground from the state to customary landowners.

Legislative changes proposed by the new Mining Minister last week prompted concern in the extractive industries.

The Prime Minister Peter O'Neill has since clarified that parliament is yet to fully discuss the changes.

Ivan Pomaleu says landowners are supportive of investment as long as benefits are clearly defined.

"The environment is vibrant, activities are blooming all over the place. One of the key impetus in the whole scheme of things obviously is the major LNG Project. It demonstrated to the investing community internationally that 'hey, this is one country that you can take a look at'."

Ivan Pomaleu